BlackRock Inc.’s second-quarter earnings fell short of analysts’ estimates.
The global investment management company’s earnings per share came in at $6.41, lower than the $6.50 average estimate of Wall Street analysts surveyed by FactSet.
While net income declined more than -7% year-over-year to $1 billion in the quarter, revenue decreased by -2% to $3.52 billion - on lower performance fees. The company also experienced declining securities-lending revenue.
However, BlackRock indicated that rising investor demand for the company's bond mutual funds helped to increase assets under management by 5% during the quarter to $6.84 trillion.